Assume the futures contracts on NDX settled as follows: December 2022; 11,874 March 2023 11,866. Assume that the dividend yield (q) on NDX is 2%.

a. The implied forward cost of carry; ci (f) is positive b. The implied forward interest rate; fi is negative c. f i is > 1.5% d. c i (f) = f

c is the correct answer and the process is the following

implied forward cost of carry = ln (11866/11874) / (92 / 365) = -0.0027

implied forward interest rate = -00027 + 0.02 = 0.0173 > 1.5% <- last step

could someone explain the last step as to why the implied cost of carrying + dividend yield = implied forward interest rate?